The United States and China reached “a Phase One trade deal that requires structural reforms and other changes to China’s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, and currency and foreign exchange,” according to a press release issued by the United States Trade Representative (“USTR”). A fact sheet released by USTR also stated that China has committed to “make substantial additional purchases of U.S. goods and services in the coming years” and that “the agreement establishes a strong dispute resolution system that ensures prompt and effective implementation and enforcement.”
